| Positive Reports by Internet and Newspapers (1) | Return (2) | Positive Reports by Newspapers (3) | Return (4) | Positive Reports by Internet (5) | Return (6) |
CSR*CSR |
| 0.0397*** (3.90) |
| 0.0408*** (3.95) |
| 0.0397*** (3.90) |
CSR | 0.9152*** (4.14) | −0.0014* (−1.69) | 0.0775* (1.70) | −0.00014* (−1.75) | 0.7415*** (4.59) | −0.0013* (−1.68) |
median |
| 0.0002*** (10.54) |
| 0.0001** (2.57) |
| 0.0002*** (12.28) |
leverage | 52.5963*** (4.66) | 0.0556*** (3.57) | 3.3758 (1.36) | 0.0573*** (3.66) | 38.7356*** (4.70) | 0.0557*** (3.59) |
size | 197.4766*** (46.52) | −0.3254*** (−37.96) | 5.2903*** (3.85) | −0.3239*** (−37.37) | 146.6766*** (47.29) | −0.3255*** (−38.04) |
pbr | 0.7735 (0.23) | −0.0007 (−0.23) | −0.0318 (−0.06) | −0.0007 (−0.23) | 0.5965 (0.25) | −0.0007 (−0.24) |
beta | −76.7323*** (−5.36) | −0.0133 (−0.81) | 7.1362** (2.69) | −0.0084 (−0.51) | −49.2627*** (−4.71) | −0.0141 (−0.86) |
growth | 0.0510 (0.39) | 0.0001 (0.67) | 0.0003 (0.02) | 0.0001 (0.68) | 0.0422 (0.44) | 0.0001 (0.67) |
Firm fixed | N | Y | Y | Y | N | Y |
Year fixed | Y | Y | Y | Y | Y | Y |
Adj_R2 | 0.1781 | 0.4382 | 0.8286 | 0.4344 | 0.1886 | 0.4399 |